Technical analysis:
Gold has been trading upside and I found that market is testing important resistance pivot at $1.982 and I see exhaustion of the buyers.
Due to the extreme bullish condition and bearish divergences on the RSI oscillator, there is potential for the pullback towards lower reference.
Downside objective is set at the price of $1.958
RSI oscillator is showing reading at 80 but bearish divergence relative to previous peaks, which is sign for potetnial downside correction.
Key resistance is set at the price of $1.982
In case of the further upside movement , upside objective is set at $2.000
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading upside and I found that market is testing important resistance pivot at $1.982 and I see exhaustion of the buyers.
Due to the extreme bullish condition and bearish divergences on the RSI oscillator, there is potential for the pullback towards lower reference.
Downside objective is set at the price of $1.958
RSI oscillator is showing reading at 80 but bearish divergence relative to previous peaks, which is sign for potetnial downside correction.
Key resistance is set at the price of $1.982
In case of the further upside movement , upside objective is set at $2.000
The material has been provided by InstaForex Company – www.instaforex.com
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